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March 16, 2008

Bear Stearns bailout might not be the last

On Fox News Sunday, Treasury Secretary Henry Paulson specifically refused to rule out bailouts of other financial institutions.

Chris Wallace, actually making somewhat himself useful for once, asked why they deserved it:
“Why should the government, and thereby, U.S. taxpayers, bail out lenders and borrowers who made bad decisions; and, if they know they're going to be bailed out, what does that do to the 'moral hazard' argument that they don't end up paying a price?”

Why, indeed?

Because only the rich count. C’mon, Chris, you didn’t make yourself useful enough.

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